THQ to let go 240, CEO takes pay cut

It’s gone from bad to worse over at THQ; as part of its newly-announced restructuring efforts, the publisher will be letting go up to 240 “selling, general and administrative personnel.” Most of the cuts be completed by the end of March, the rest by September.

In addition, CEO Brian Farrell has decided to take a pay cut of 50% for one year. Instead of $718,500, the executive will now be pocketing a base salary of $359,250.

This all comes after last month’s announcement of the company exiting the kids games business and focusing solely on its core games.